The mortgage industry would likely benefit from the CFPB’s proposed new policy on its no-action letter and sandbox program, said industry experts.

Almost two dozen Democratic state attorneys general have opposed the CFPB’s proposal to encourage industrywide innovation under the cover of regulatory sandboxes. In a comment letter sent to CFPB Director Kathy Kraninger, the AGs said the proposal is “ill-considered.”

The CFPB is soliciting input from stakeholders regarding their experiences in the credit card market and on the overall health of the sector.

Performance of ABS backed by credit-card receivables remained strong in the third quarter of 2018 despite rising consumer-debt levels, according to an update from Moody’s Investors Service.

The CFPB’s recent complaint snapshot report hinted at a possible focus of the upcoming debt collection rules, said attorneys. Credit reporting, debt collection, and mortgage continued to be the three categories that drew the most consumer complaints, according to the report. Among public gripes regarding debt collection practices, some 40 percent said companies “attempt to collect debt not owed.” It is a significant trend, said attorneys, because Acting CFPB Director Mick Mulvaney ...

The CFPB recently settled with Bluestem, Eden Prairie, MN, over allegations that the group of firms unfairly delayed payment transfers to third-party debt buyers. The settlement will require the companies to pay a civil money penalty of $200,000. The CFPB alleged that the Bluestem companies, between 2013 and 2016, delayed forwarding payments for more than 31 days in 18,000 instances. In 3,500 of those instances, Bluestem allegedly delayed [Includes four briefs] ...

The CFPB recently began putting more emphasis on protecting “credit-invisible” consumers and how financial innovation might expand access to credit. Credit-invisible consumers are those without an established credit history with the three national credit reporting agencies who therefore cannot be scored by most traditional credit scoring models. The first CFPB advisory committees meeting this year – held after all the chaos of disbanding and reconstitution ...

A recent report by a government watchdog highlighted the actions taken by Equifax and the CFPB during the year since the public learned about the credit reporting agency’s serious data breach. The U.S. Government Accountability Office released a report on the Equifax data breach, describing in detail how hackers exploited vulnerabilities in the Equifax system to gain access to sensitive personal information for at least 145.5 million individuals. According to ...

CFPB Updates Model Disclosures Under Fair Credit Reporting Act . The CFPB last week issued an interim final rule updating two model disclosures to reflect changes made to the FCRA by the recent Dodd-Frank reform act.The Economic Growth, Regulatory Relief, and Consumer Protection Act, which became law in May, requires nationwide consumer reporting agencies to provide “national security freezes” free of charge to consumers. The [Includes three briefs] ...

The CFPB announced that it will hold a day-long symposium, “Building a Bridge to Credit Visibility,” to explore challenges many consumers face in getting credit. This event will take place on Sept. 17 in the CFPB’s Washington, DC, headquarters, and will be streamed live. The CFPB said the symposium “will convene a diverse set of stakeholders to explore challenges in overcoming barriers to expand fair, equitable, and non-discriminatory access to credit [Includes three briefs] ...